Against the backdrop of a global pandemic, insurers are doubling down on their commitments to digital transformation. Robert Mulligan, president and CEO of Renaissance Life and Health Insurance Company of America, and Guardian Group’s technology leader for product and claims Chip Bunker participated in a discussion led by Mike Connor, CEO and co-founder of the Silicon Valley Insurance Accelerator, and facilitated by EIS EVP of worldwide professional services Jim Caruso.
Once safely isolated from the digital transformation of insurance, the global pandemic is forcing dental insurers to swallow a lot of change all at once.
With coretech, cloud, and continuous integration/continuous delivery, the days of disruptive updates to insurance core systems are in the rearview.
As insurers look to form sustainable and scalable ecosystems, they’ll need to expose their products, rules, and rates to other systems of engagement. But are incumbent systems up to the challenge?
Insurtech’s promise was that it would support innovation through contemporary customer experiences and emerging business models. The truth is that insurtechs are just one part of diverse insurance ecosystems and require something more than legacy core systems to achieve their potential. They need “coretech.” And in 2020, they can get it.
The whole idea would have been ludicrous even three years ago. Now, seemingly out of nowhere, new and credible insurance brands are popping up with slick user experiences, instantaneous quotes, five-minute buy cycles, and DIY service options—all available on your phone—24 x 7 x 365. And what makes all this possible? Rapidly maturing cloud-native architecture, digitization, open APIs, and the mainstreaming of the greenfield initiative as a favored strategy are enablers.
If you could start over, knowing what you know today, what would your life look like? Where would you live? How would you spend your time and money, and with whom?
Insurers can connect to digital ecosystems and power smart, real-time user experience – what is needed is a cloud-native approach to apps and infrastructure
It’s no secret that insurers must transform their organizations to compete in the experience-driven digital economy, with its new and evolving ecosystems. What is less well-understood is the fundamental technology shift required to reach prospective customers with updated products leveraging new partners and data while building engagement with existing customers.
Successful customer-focused insurance business models require embracing the ubiquity of cloud innovations and leveraging the power of cloud-native design for enterprise applications